According to an announcement on July 2, the Office of the Currency Auditor (OCC) and the Office of Financial Consumer Protection (CFPB) are opening virtual hours for industry players who want to discuss banking innovations and new technologies in the EU.
More funds for crypto and regulators
New meetings are limited to one (1) hour and are currently only scheduled for two days from July 29-30. Interested parties must register before July 17th.
Depending on the success of these meetings, they could occur more often. FinHub of the Securities and Exchange Commission (SEC), Virtual meetings have recently been announced to build a longer tradition of peer engagement.
The Commodity Futures Trading Commission (CFTC) also held one-off meetings in Februarybefore COVID-19 quarantine began in the United States.
OCC’s increased fintech engagement for Brooks
Today’s announcement has continued the OCC series of pro-fintech and cryptocurrency movements since Brian Brooks, a former member of the Coinbase legal team, took office as head of office.
Brooks is known for its interest in integrating the functions offered by cryptocurrencies into the traditional banking system.
Earlier this week, The OCC published its semi-annual risk outlook, a frequent report highlighting the state of the banking sector. In this issue, the threats in the midst of the COVID-19 pandemic and the risks of remote work were specifically mentionedwarns of “greater cyber security risks and possible fraud related to stimulus packages”.
“This is a trend that we highlighted prior to COVID-19 in January this year.”said an employee of the OCC to Cointelegraph. “COVID-19 has clearly opened up a new path (for malicious actors).”